Chicago Fed President Charles Evans said current monetary policy in the US is “not well-positioned” for high inflation, and interest rates should be raised this year.

Chicago Fed President Charles Evans made his assessment of inflation and interest rate hikes at an event organized by the Milwaukee Business Journal.

Charles Evans said that “Fed policymakers “strongly” believe that interest rates should be raised two, three or four times this year.”

Stating that monetary policy should be adjusted close to neutral, Evans said that the current monetary policy in the country is “not in a good position” for high inflation.

In his speech, Evans also noted that it would take time to bring the inflation rate in the USA back to target levels.